S/R Emini Journal

[BoyBrutus]

Quote from john99:

Volume seems to be slowing. I'm guessing we will get another trendline touch to the top side, then sideways, I'm having a hrad time considering going short at this point

It is reversal time. Try a long with stop at LOD

 

[5Pillars]

Quote from john99:

Volume seems to be slowing. I'm guessing we will get another trendline touch to the top side, then sideways, I'm having a hrad time considering going short at this point

yes....until the 1322.00 ES level gets busted shorting it there is not optimal yet imo.

 

[john99]

ER2 still non responding to the top trend line touch on YM and ES. I guess I'll just trade YM today, ER2 is being handled. I think a long setup may have potential if we get a trendline break with an entry on a 50% retrace of the trendline break. Things still look choppy and in the channel though. SOH for move. Watching trin,,,at bottom of day, maybe wait for breakout and look for tick lows.

 

[brightstone]

What is a market profile level?
cheers.

Quote from 5Pillars:

They are "selling" the ER2 to unwind their previously held LONG positions.


BTW, for the ES traders.....1322.00 is a market profile level......until we see heavy initiated selling through this level it will hold.

NQ and YM made lower lows but the ES was held so far......these situations can build up tension over time.....keep your tinfoil hats on!!!

 

[john99]

trendline broke on ES, looking for long with a 50% retrace, trin broke down,, ES may take off at 1325, but only take pullbacks.

 

[5Pillars]

ER2 can be very tricky when the commercials are working their large held positions. The ER2 can be too thin at other times so I mainly stick to the ES/NQ/ or YM.

We had a really clean "delta" divergence with a shift for entry, as we failed for the third time to break below the 1322's with any conviction...........

http://www.charthub.com/images/2006/09/22/ES_317_VB_9.png

 

[5Pillars]

Quote from brightstone:

What is a market profile level?
cheers.

You can study MP (Auction Market Theory) for free here with an introductory course by registering.... www.ioamt.com . There are price levels in every market where in the past there have been large percentages of the volume distributed at.....to know these is very important imo.

http://www.cbot.com/cbot/pub/page/0,3181,1168,00.html


Flat now..........lunch time.........

http://www.charthub.com/images/2006/09/22/ES_317_VB_10.png

 

[john99]

TXN breakout

 

[john99]

we are at 50% retrace on ES from trendline break,,,LONG??? 1323.00
I'm too much of a coward, ER2 still is under the line.

 

[BoyBrutus]

Quote from BoyBrutus:

It is reversal time. Try a long with stop at LOD

I'm long at 720.30 stop at LOD.

We could wait for rennicks ball ofcourse